Cash Scarcity Looms As Yuletide Approaches
With the yuletide fast approaching, Nigerians are bracing up for a possible cash shortage as reports of limited cash circulation have begun to surface.
Our team conducted a survey of banks, markets, and Point of Sale (POS) outlets across Onitsha metropolis to monitor the state of cash flow in the area.
At several banks, including Zenith Bank and United Bank for Africa, staff speaking off-camera confirmed a cash shortage, attributing the issue to a significant drop in depositor activity.
They noted that many business owners now prefer giving cash directly to POS agents, while others hoard cash in anticipation of the seasonal rush.
Reacting, traders at markets like Relief, Shoe Site, and Tarzan, Messrs Chukwuma Nwanota, Nwabueze Lemoha, and Chinansa Aneke said most customers no longer pay in cash and when they eventually get the cash, it is handed over to POS agents, who are already on standby, saving them the stress of queuing in banks.
In separate interviews with the team POS agents, including Mrs. Nonye Chijoke and Mrs. Oluchi Akuekwe confirmed their increasing reliance on traders for cash supplies.
They revealed that banks often fail to meet their cash requirements, further worsening the scarcity.
This growing shortage of cash has sparked widespread concern among citizens and businesses, raising questions about the preparedness of financial institutions to handle the surge in demand during the Yuletide season.
